Bitcoin May Revisit $6,000 If The Momentum Sustains

The cryptocurrency news and updates today show that the price of Bitcoin (BTC) has reversed just when we thought it would rise more and reach $8,000. The momentum was good until the dominant coin started dropping – and the news now show that Bitcoin may revisit $6,000 if the resistance is not broken soon.

BTC closed the week at $7,385 which represented a 1.71% reduction in the valuation. The lows for the week were around 4.5% lower at $7,503 – but a strong close occurred and Bitcoin maintained the $7,000 handle throughout the week.

This is what we can see in the news now. When looking at performance relative to its peers, the Ethereum latest news and XRP show that both of the altcoins outperformed Bitcoin last week against the USD. This is actually a counter trend to what we saw in the recent weeks – and BCH and BSV have also both notably recorded some double-digit gains.

A result of this was the Bitcoin dominance which fell around half a percent to more than 68%. The dominance peaked at 71% in September 2018 but is still up by 33% for the year, illustrating a poor year for the altcoin markets. Right now, Bitcoin may revisit $6,000 because of the lost momentum.

The $7,555 is the main target for the bulls to breach now in order to close December with a bullish candle. So, this is obviously the key level to watch out for. Overall, we can see that the volume continues to decline as the price has been in a general downtrend – and this is considered as being a bullish divergence.

The weekly MACD continues to build the bullish divergence with the fifth consecutive week of higher lows on the histogram. However, as the MACD is still below zero, a cross may show that it remains unconfirmed but with positive signs.

Bitcoin may revisit lower grounds and many agree with this opinion. The price action in the $6,000s before has been brief which is why the $7,000s are seen as a more natural level for the most dominant coin.

The bearish outlook is that BTC is repeating the pattern and going in the $6,000s – and the bullish scenario is that this is only a small correction of the market before a new run to $8,000 as the New Year knocks on our door.